A high-profile Australian fashion label that has dressed famous faces including Taylor Swift and Dua Lipa has gone into administration.
The Australian arm of luxury brand Dion Lee Enterprise went bust on Thursday (23.05.24) after a partnership deal reportedly fell through.
Its 38-year-old founder Dion Lee – a Sydney native who lives in New York, established the business in 2009 when he was 23 by showcasing his collection at Australia Fashion Week, and saw it grow to a base of six stores in Australia and 160 outlets globally, becoming one of the world’s elite brands.
Antony Resnick from insolvency firm dVT Group, has been appointed as the administrator of all of the Australian Dion Lee Enterprise entities.
The business will keep trading until he can properly understand its financial position and is currently looking for interested parties.
He said in a statement: “The Dion Lee brand has built global recognition and credibility in the world of high fashion.
“It is regularly worn by cultural icons and influencers. It is noted in the industry for its unique designs. All of which should attract both local and international investor interest.”
Mr Resnick added it was too early to comment on the company’s assets or liabilities.
A creditor’s report is being prepared and will be announced soon.
Mr Resnick is in discussions with Dion Lee’s US team to find out more about the company’s financial state, and it’s been reported Dion Lee Enterprise could no longer continue after a major partnership deal collapsed.
In February, the company made headlines when Taylor Swift, 34, wore its $650 crochet corset to the Super Bowl to watch her boyfriend Travis Kelce, also 34, and his Kansas City Chiefs team win the tournament.
Dion recently worked on a shoe collaboration with Kanye West, 46, and his designs are loved by 28-year-old singer Dua Lipa.
It has jackets selling for around $700 and its men’s shorts are $420.
The Australian reported the brand hit hard times when Cue Clothing Co withdrew from a long-running partnership agreement it had with the company and recalled their investment.
It had been partnered with Dion Lee since 2013, and was a shareholder of the company.
